POP MART(HK:09992) IPO早知道·2025-08-20 13:33Core Viewpoint - The core direction for Pop Mart remains centered around IP-driven group development, emphasizing the importance of a healthy growth model alongside revenue expansion [20][24]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% [4]. - The revenue and net profit for the first half of 2025 have already surpassed the total figures for the entire year of 2024 [4]. - The company achieved significant growth across four major regions: China (8.28 billion RMB, +135.2%), Asia-Pacific (2.85 billion RMB, +257.8%), Americas (2.26 billion RMB, +1142.3%), and Europe & others (480 million RMB, +729.2%) [6]. IP Development and Strategy - IP incubation and operation are identified as the core drivers of Pop Mart's growth, with LABUBU's revenue reaching 4.81 billion RMB, accounting for 34.7% of total revenue [6]. - The company has a diverse IP matrix, with multiple IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO each generating over 1 billion RMB in revenue [6]. - The company aims to maintain a healthy revenue distribution, with LABUBU's sales not exceeding 35% of total revenue, indicating a balanced approach to IP development [8][10]. Future Outlook - The company is confident in achieving over 30 billion RMB in revenue for the year, with a focus on maintaining healthy growth rather than aggressive expansion [8][10]. - Pop Mart is exploring new markets in the Middle East, Central Europe, and Central South America, while continuing to enhance its presence in major global cities [17][19]. - The company plans to optimize its organizational structure to support global expansion and improve decision-making efficiency [21][22]. Retail Strategy - Pop Mart is upgrading its retail strategy by opening larger stores in prime locations, enhancing store design, and integrating IP themes into the shopping experience [16]. - The company is cautious about rapid store expansion, with a projected net increase of no more than 10 stores in China for the year [8]. Product Development - The company is focused on product innovation, with plans to launch a mini version of LABUBU, aiming to create more versatile consumer products [15]. - Pop Mart is also exploring new business lines, including desserts, accessories, and trendy apparel, to diversify its offerings and meet evolving consumer demands [19].